Industrials

S-Oil targets W3tr in operating income by 2025

PUBLISHED :August 31, 2017 - 17:54

UPDATED :August 31, 2017 - 17:54

[THE INVESTOR] S-Oil on Aug. 31 unveiled its vision for 2025, vowing to become the most renowned energy company in the Asia-Pacific region and achieve operating profit of 3 trillion won ($2.66 billion) by 2025.

“S-Oil aims to become an energy and chemicals company with an operating profit of 3 trillion won and 25 trillion won in market capitalization by 2025,” CEO Othman al-Ghamdi said during a ceremony.

The goal would indicate twofold growth for the oil refiner in less than a decade. The company will also enhance its business value and shareholder value, Othman al-Ghamdi added.

In the last year, the company’s market capitalization reached 14.3 trillion won, while its operating profit came at 1.6 trillion won.

To achieve the vision for 2025, the company plans to strengthen its refining and chemical units, while seeking other future growth engines, it said.

The construction of residue upgrading complex and olefin downstream complex, which S-Oil has invested 4.8 trillion won for, is expected to finish early next year, to be equipped with next-generation growth engines, the company said.